New Zealand's trade deficit widened in October from the last year as growth in imports exceeded the exports growth, Stats NZ said Tuesday.
The trade deficit widened to NZ$2.13 billion in October from NZ$1.28 billion in the same period previous year. The shortfall was NZ$1.69 billion in September 2022.
Exports posted an annual growth of 14.1 percent, much slower than the 35.0 percent increase in September. Shipment of dairy products continued to increase, while fruit exports plunged 30 percent and aluminum exports decreased 63 percent.
Meanwhile, the increase imports advanced to 24.1 percent from 16.3 percent a month ago. The increase was driven by electric vehicle imports and petroleum products.
In the year to October, the annual trade deficit was NZ$12.9 billion from NZ$4.9 billion in the same period last year. Goods exports gained 14 percent and imports climbed 25 percent annually.
